Corning Incorporated (NYSE:GLW) Shares Sold by Holderness Investments Co.

Holderness Investments Co. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,069 shares of the electronics maker’s stock after selling 700 shares during the period. Holderness Investments Co.’s holdings in Corning were worth $1,199,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Manchester Financial Inc. acquired a new position in Corning during the 2nd quarter worth $29,000. Trustcore Financial Services LLC acquired a new position in Corning during the 1st quarter worth $30,000. TRUE Private Wealth Advisors acquired a new position in Corning during the 2nd quarter worth $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Corning during the 2nd quarter worth $33,000. Finally, Thor Advisors LLC acquired a new position in Corning during the 1st quarter worth $35,000. 71.56% of the stock is owned by institutional investors.

Several research analysts have weighed in on the stock. Deutsche Bank set a $36.00 price objective on shares of Corning and gave the stock a “buy” rating in a report on Wednesday, July 31st. S&P Equity Research downgraded shares of Corning from a “positive” rating to a “neutral” rating and reduced their price target for the stock from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Bank of America upgraded shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target on the stock in a research report on Wednesday, May 1st. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price target on the stock in a research report on Tuesday, August 6th. Finally, ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $34.73.

NYSE:GLW traded up $0.50 during mid-day trading on Friday, hitting $27.63. The stock had a trading volume of 5,254,400 shares, compared to its average volume of 6,701,377. The stock has a market capitalization of $21.33 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 1.38 and a beta of 1.16. The company has a 50 day simple moving average of $31.69 and a 200-day simple moving average of $32.58. Corning Incorporated has a 52 week low of $26.98 and a 52 week high of $36.56. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The firm had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. Corning’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $0.38 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 1.89 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a yield of 2.90%. Corning’s dividend payout ratio is presently 44.94%.

In related news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the sale, the vice president now directly owns 66,369 shares in the company, valued at approximately $2,113,188.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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